Clinical-stage Biopharmaceutical Company Atossa Announces Q3 Financial & Clinical Program Progress Update
Seattle based Atossa Genetics Inc., (NasdaqCM: ATOS) is a clinical-stage biopharmaceutical company developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions.
Atossa Genetics Inc. (ATOS) today announced third quarter ended September 30, 2018, financial results and provided an update on recent company developments.
Steven C. Quay, Ph.D., MD, President, and CEO commented, “We continue to make great progress with our clinical programs. We successfully achieved all objectives in our Phase 1 study of topical Endoxifen in men and are looking forward to advancing that program into a Phase 2 study to address gynecomastia in men being treated for prostate cancer. We also completed enrollment in the Phase 2 study of our topical Endoxifen to treat mammographic breast density.”
Recent Corporate Developments
Atossa’s important recent developments include the following:
- October 2018 – Completed enrollment in Phase 2 study of topical Endoxifen to treat mammographic breast density.
- September 2018 – Reported that all objectives were achieved in our Phase 1 study of topical Endoxifen in men.
- August 2018 – Contracted with a US-based additional manufacturer of Endoxifen.
- July 2018 – Announced intraductal microcatheter immunoOncology pre-clinical program.
- June 2018 – Appointed two additional prominent industry executives from Pfizer and the Belgium-based Flemish Institute of Biotechnology to the strategic advisory board.
Q3 2018 Financial Results
For the three and nine months ended September 30, 2018, and 2017, they had no revenue and no associated cost of revenue.
- Total operating expenses were approximately $3.3 million and $9.3 million for the three and nine months ended September 30, 2018, respectively, consisting of research and development (R&D) expenses of approximately $1.4 million and $3.4 million, respectively, and general and administrative (G&A) expenses of approximately $1.9 million and $6.0 million, respectively.
- Total operating expenses were approximately $2.1 million and $5.7 million for the three and nine months ended September 30, 2017, respectively, consisting of R&D expenses of $0.7 million and $2.1 million, respectively, and G&A expense of approximately $1.3 million and $3.5 million, respectively.
- Total operating expenses for the three and nine months ended September 30, 2018, as compared to the same periods of 2017 increased approximately $1.3 million, or 61%, and increased $3.7 million, or 65%, respectively.
- As of September 30, 2018, the Company had cash and cash equivalents and restricted cash of $13.0 million and the current market cap is $7.09 million with ATOS stock closing at $1.29/share today up 7.5%.
To learn more about Atossa Genetics (ATOS) and to track its ongoing progress please visit the Vista Partners Atossa Genetics’, Coverage Page.